# Logit Marginal Effects: Primary Estimator

| Variable | Banking EW only (Logit) | Banking EW+Z (Logit) | Any Crisis EW only (Logit) | Any Crisis EW+Z (Logit) | CA Reversal EW only (Logit) | CA Reversal EW+Z (Logit) |
|:---|---:|---:|---:|---:|---:|---:|
| ca_gdp_lag1 | -0.0000 | -0.0001 | 0.0001 | 0.0000 | 0.0070*** | 0.0067*** |
| | (0.0001) | (0.0001) | (0.0002) | (0.0002) | (0.0006) | (0.0006) |
| fiscal_bal_gdp | 0.0000 | 0.0001 | -0.0002 | -0.0002 | -0.0072*** | -0.0073*** |
| | (0.0002) | (0.0002) | (0.0004) | (0.0004) | (0.0011) | (0.0011) |
| reserves_to_liab | -0.0216*** | -0.0165** | -0.0271*** | -0.0196** | 0.0057*** | 0.0050** |
| | (0.0072) | (0.0071) | (0.0099) | (0.0089) | (0.0020) | (0.0020) |
| rgdp_growth | -0.0005*** | -0.0005*** | -0.0020*** | -0.0019*** | 0.0011 | 0.0003 |
| | (0.0001) | (0.0001) | (0.0003) | (0.0003) | (0.0010) | (0.0009) |
| inflation | -0.0000 | -0.0000 | -0.0000 | -0.0000 | -0.0000 | -0.0000 |
| | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) |
| kaopen | -0.0006 | -0.0014** | -0.0076*** | -0.0094*** | -0.0187*** | -0.0047 |
| | (0.0005) | (0.0006) | (0.0012) | (0.0015) | (0.0034) | (0.0037) |
| nfa_gdp_lag | 0.0003 | 0.0005 | -0.0009 | -0.0008 | 0.0076 | 0.0013 |
| | (0.0006) | (0.0007) | (0.0021) | (0.0022) | (0.0051) | (0.0051) |
| Z_1 | | -0.0511 | | -0.0169 | | -0.4112* |
| | | (0.0344) | | (0.0767) | | (0.2239) |
| Z_2 | | 0.0066 | | -0.0009 | | 0.0739** |
| | | (0.0050) | | (0.0115) | | (0.0338) |
| Z_3 | | -0.0002 | | 0.0002 | | -0.0035** |
| | | (0.0002) | | (0.0005) | | (0.0014) |
|:---|---:|---:|---:|---:|---:|---:|
| N | 5292 | 5292 | 5292 | 5292 | 5292 | 5292 |
| R²/Pseudo-R² | 0.0443 | 0.0661 | 0.0668 | 0.0771 | 0.0405 | 0.0591 |
| Countries | 174 | 174 | 174 | 174 | 174 | 174 |

*Logit/cloglog columns report marginal effects at means. LPM estimated via panel GLS with country and year FE.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*